RIL fastest growing

NEW DELHI: A prestigious publication from Hongkong, Asia Week, has adjudged Reliance Industries as the fastest growing chemical company in...

NEW DELHI: A prestigious publication from Hongkong, Asia Week, has adjudged Reliance Industries as the fastest growing chemical company in Asia.

The magazine’s annual issue had earlier rated IOC and Reliance industries amongst the top 20 public and private sector Indian companies in the list of top 1000 companies.

Reliance was placed 239th amongst the top 1000 with a profit figure of 558.1 million dollars overtaking public sector giants like ONGC and coal India. Reliance was also rated fifth amongst the top 20 textile companies.

Syndicate Bank

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NEW DELHI: Syndicate Bank will foray into the insurance sector as a distributing agency as part of its retail focus and targets a business of over Rs 41,000 crore by the end of this fiscal. "We are not going to form an insurance company but the bank will distribute insurance products of other banks and companies," Syndicate Bank chairman D T Pai said.

As part of the retail focus, Syndicate Bank launched its global credit card in association with Standard Chartered Bank last week on the occasion of the Platinum Jubilee celebrations in Delhi and has plans to introduce internet banking within the next 12 months.

Pai said the bank has targeted a minimum 15 per cent growth in business this year from the previous year’s level of Rs 36,000 crore. Till date, the bank’s global business exceeds Rs 37,500 crore, he said.

Syndicate Bank had tapped the capital market in October last year to raise Rs 125 crore which diluted government stake to 76 per cent that raised its capital adequacy ratio (CAR) to 11.45 per cent from the previous 9.57 per cent.

Edible oils

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MUMBAI: Edible oils continued to decline on the oils and oilseeds market here due to poor offtake.

Elsewhere, linseed oil recovered nominally on stray demand from paint industries. In the edible section, groundnut oil declined further by Rs 2 to close at Rs 340 from the last close of Rs 342. Imported RBD palmolein also dropped by Rs 5 to Rs 196 from Rs 201.

Turning to industrial section, linseed oil edged up to Rs 285 from Rs 284. However, castorseeds and its oil ruled unaltered at Rs 1,345 and Rs 299 respectively in the absence of market-moving factors.

Silver declines

Mumbai: Silver declined further on the bullion market today due to increased supply coupled with weak overseas advices. Gold, on the other hand, held steady on scattered dealings. Ready silver (.999 fineness) resumed with overnight weakness at Rs 7,940 and dropped further to end at Rs 7920, showing a sharp fall of Rs 40 over the last close of Rs 7960. Raw silver (.916 fineness) declined by Rs 50 to Rs 7,810 from yesterday’s close of Rs 7,860 and tenderable silver fell to Rs 7,925 from Rs 7,965.